JCUA’s Community Ventures Program Provides Loan to Warren Apartments

JCUA’s newest CVP zero-interest loan will help cover the predevelopment costs associated with the construction of Warren Apartments. Consisting of 75 units of mixed-income housing, this project complements the 89 units of supportive housing at neighboring Harvest Commons (renovated by Heartland in 2013), and addresses the great need for affordable workforce housing in the rapidly gentrifying Near West Side and West Loop neighborhoods.

Warren Apartments is in an area which had been home to one of the most dilapidated public housing projects in the City – Henry Horner Homes. Since most of the development was torn down almost 20 years ago, the neighborhood has been slowly gentrifying.

At the time Horner was torn down, the City and developers committed to replace it with a “mixed income” community. In order to realize that commitment, it is crucial that the affordable housing component be included in the fabric of the design of the neighborhood. JCUA believes in the importance of this development to the surrounding community and in the need to increase the availability of affordable housing on Chicago’s Near West side.